JOHANNESBURG - Platinum producer Lonmin said on Thursday Britain's Competition and Markets Authority (CMA) had unconditionally cleared its proposed acquisition by Sibanye-Stillwater.
"The offer remains subject to the satisfaction or ... waiver of the outstanding conditions (including) the approval of the offer by the South African competition authorities and the approvals of Lonmin and Sibanye-Stillwater shareholders and the courts of England and Wales," said Lonmin, a British producer of platinum group metals operating in South Africa's Bushveld Complex.
Sibanye-Stillwater agreed in December to buy troubled Lonmin for about £285 million in an all-share deal, and the company said in May it had received approval from the South African Reserve Bank for the deal.
On Thursday, Sibanye-Stillwater CEO Neal Froneman and Lonmin boss Ben Magara said the CMA's clearance took the companies one step closer to completing the deal, which they said was in the best interest of stakeholders.
"We look forward to the combination of the businesses creating a leading mine-to-market player with enhanced scale and resources, able to compete more effectively," they said.
"Both Sibanye-Stillwater and Lonmin remain fully committed to the offer and continue to engage constructively with the South African competition authorities with a view to obtaining clearance in South Africa."
The deal is expected to close in the second half of this year.